Microeconomics

The price that clears the market, at which quantity demanded equals quantity supplied;the price where the demand curve intersects the supply curve.

The situation when quantity supplied equals quantity demanded at a particular price.

A situation in which quantity demanded is greater than quantity supplied at a price below the market clearing price.

excess quantity demanded

Shortages and scarcity are not the same thing.

A situation in which quantity supplied is greater than quantity demanded at a price above the market clearing price.

excess quantity supplied